Important disclosures

Market data

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Marketing communication explanation

The views and commentary received (the ‘Communication’) are provided by Aidan Donnelly, the Head of Equities/Fund Manager in Davy Private Clients (the ‘Author’) and are not a product of the Davy Research department. The Communication does not constitute investment research. Any views expressed may not be objective or independent of the interests of the Author, who may be an active participant in the securities referred to in the Communication.

The Communication received is classified as a ‘marketing communication’, in accordance with the European Union (Markets in Financial Instruments) Regulations 2017. This means that (a) it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and (b) it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

The Communications provided are for your general information only and are not intended to address your particular requirements. The Communications are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. Without knowing your individual investment objectives, financial situation or knowledge and experience, we cannot advise you on any transaction or course of dealing. You must make and be responsible for all investment decisions. Investing directly in the stock market can carry a substantial level of risk and therefore it is important that you seek independent professional advice prior to making any investment decision.

Past performance is not a reliable guide to future performance. Estimates used are for illustration purposes only. The information contained in the Marketing Communication does not purport to be comprehensive; it is strictly for information and discussion purposes only. All prices are as of close of business on the previous trading day unless otherwise indicated.

Explanation of recommendations

The Communications provided by the Author are investment ideas based on the Author’s view of the stocks.

The term ‘BUY’ implies that the Author expects the price may increase materially over the next 12 months.

The term ‘SELL’ implies that the Author expects the price may decrease materially over the next 12 months.

In general a material movement may be considered to be one of 10% or more, however this depends on market conditions and other factors, which may be relevant at the time. This price move may be as a result of a move in sentiment, market conditions, currency, or other specific events. This recommendation does not constitute investment advice or a personal recommendation. An investor’s decision to buy or sell a security depends on individual circumstances including investment objectives, financial situation and knowledge and experience. You are advised to seek your own independent professional advice, suitable to your own personal circumstances.

The date and time of completion and of dissemination of the Communications are the same unless otherwise stated.

Share ownership policy

Davy allows investment analysts to own shares in companies they issue recommendations on, subject to strict compliance with our internal rules governing own account trading by staff members. Where an investment analyst, or a person closely associated with them, holds securities or other financial instruments in a company covered by them, this will be disclosed in the communication.

Readers should be aware that Aidan Donnelly or a person closely associated with him owns shares in Adidas AG, Alphabet Inc, Apache Corp, Aramark, Caterpillar Inc, Cisco Systems Inc, Smiths Industries, Tapestry Inc, GlaxoSmithKline plc, HSBC Holdings plc, Intel Corp, Prudential PLC, Royal Dutch Shell plc, Ryanair, Ryder, Salesforce.com Inc, Sanofi, Sealed Air Corp, Standard Chartered plc, Tesco plc, United Parcel Service, Vodafone Group plc, Walgreens Boots Alliance Inc, Yum! Brands Inc, Yum China, Nike Inc. Snap-On Inc, Sodexo, M&G Plc, Exact Sciences, Swatch Group, CDW Corp, AMD, Vostok Emerging Finance, Chipotle Mexican Grill, Tractor Supply Co, AZEK Group, Paylocity, Fastenal, Aptiv, Traeger, Pearson, Schneider Electric, Site One, Pool Corp., Techtronic Industries, Truist Financial, Planet Fitness, Will Scott Mobil Mini, Keysight Technologies, Cognex, Docusign, Align Technologies, Yeti, lululemon Atlethica.

For a list of the Author’s recommendations on any financial instrument or issuer disseminated during the preceding 12-month period, please see www.davy.ie/aidandonnelly.

A summary of all of the Author’s recommendations for the previous 12 months, including those companies under coverage to which Davy has provided investment banking services is available at www.davy.ie/aidandonnelly.

Conflicts of interest

From time to time, Davy may hold a position or deal in the securities referred to in this report.

Should an instance arise where Davy has a holding that exceeds 5% of the issued share capital of a company, this will be disclosed in the communication. These shareholdings include proprietary positions and discretionary holdings. This disclosure represents the position of Davy as of close of business on the day preceding the issue of this report.

The remuneration of investment analysts is linked to the overall performance of Davy; however remuneration is in no way linked to specific investment banking business.

Our conflicts of interest management policy is available at www.davy.ie.

Opt-out

As a valued client of Davy, this communication has been sent to you as part of our service offering. If you are not a client of Davy, you can opt out of further similar communications at any stage by emailing optout@davy.ie. The Davy Group Privacy Notice can be found at www.davy.ie.

Risk warning

Individual shares and stock markets can be volatile, especially in the short-term. Some shares are likely to be more volatile than others. This will be based, among other things, on the business, geographic location and size of the company. Potential investors should be familiar with any company they plan to invest in. Share portfolios are at a greater risk of significant loss if there is a lack of diversity i.e. an over-reliance on stocks in one particular company, industry sector or country. The liquidity of shares is a critical factor, this refers to your ability to realise shares when you so wish. Shares in companies that are not traded frequently can be very difficult to sell. Many shares that are traded on Stock Exchanges are bought and sold infrequently and finding a buyer may not always be easy. The value of shares may fall as well as rise, when investing in shares there is a risk that you may lose some or all of your original investment.

Important information

This report was completed at 9am on 03/03/2025. It was issued at 11am on 03/03/2025.

This document has been issued by Davy and is provided on a confidential basis. The information contained herein does not purport to be comprehensive. It is strictly for information and discussion purposes only.

A summary of our standard valuation methods is available at www.davy.ie/ValuationMethodologies. Readers should be aware that the Davy Research department issues investment research across a range of sectors (‹Research›). Information provided in Davy Research may not necessarily reflect the views or recommended actions issued by the Private Clients Investment Analyst team. Inclusion of Davy Research notes within the Global Equity Investor is based on the Private Clients Investment Analyst team’s view that the information is relevant and timely.

The document does not constitute an offer for the purchase or sale of any financial instruments, trading strategy, product or service. No one receiving this document should treat any of its contents as constituting advice. It does not take into account the investment objectives or financial situation of any particular person. Prospective investors are advised to make their own independent commercial assessment of the information contained herein and obtain independent professional advice (including inter alia legal, financial and tax advice) suitable to their own individual circumstances, before making an investment decision, and only make such decisions on the basis of their own objectives, experience and resources. Interested parties are not entitled to rely on any information or opinions contained in this document or the fact of its distribution for the purpose of making any investment decision or entering into any contract or agreement with Davy in relation to any investment.

This document contains summary information. Statements, expected performance and other assumptions contained in this document, are based on current expectations, estimates, projections, opinions and/or beliefs of Davy at the time of publishing. These assumptions and statements may or may not prove to be correct. The value of investments can fall as well as rise and there is no guarantee that investors will receive back their capital invested. Past performance and simulated performance is not a reliable guide to future performance. Where the investment is denominated in a foreign currency, it may be subject to exchange rate and currency fluctuations and risks.

Some of the information contained in this document has been obtained from published sources or has been prepared by third parties. While such sources are believed to be reliable, Davy shall have no liability, contingent or otherwise, to the user or to third parties, for the quality, accuracy, timeliness, continued availability or completeness of same, or for any special, indirect, incidental or consequential damages which may be experienced because of the use of the data or statements made available herein. As a general matter, information set forth herein has not been updated through the date hereof and is subject to change without notice.

While reasonable care has been taken by Davy in the preparation of this document, no warranty or representation, express or implied, is or will be provided by Davy or any of its shareholders, subsidiaries or affiliated entities or any person, firm or body corporate under its control or under common control or by any of their respective directors, officers, employees, agents, advisers and representatives, all of whom expressly disclaim any and all liability for the contents of, or omissions from this document, the information or opinions on which it is based and/or whether it is a reasonable summary of the investment and for any other written or oral communication transmitted or made available to the recipient or any of its officers, employees, agents or representatives.

Neither Davy nor any of its shareholders, subsidiaries, affiliated entities or any person, firm or body corporate under its control or under common control or their respective directors, officers, agents, employees, advisors, representatives or any associated entities (each an “Indemnified Party”) will be responsible or liable for any costs, losses or expenses incurred by investors in connection with the information contained in this document. The investor indemnifies and holds harmless Davy and each Indemnified Party for any losses, liabilities or claims, joint or several, howsoever arising, except upon such Indemnified Party’s bad faith or gross negligence. With the exception of liabilities arising from fraud or wilful neglect, any liability, where it exists, for any losses, damages, costs and expenses, including legal fees, howsoever incurred, shall not exceed four times the value of any commissions, charges or fees paid to Davy on the investment.

This document has been made available on the express understanding that any written or oral information contained herein or otherwise made available will be kept strictly confidential and is only directed to the parties to whom it is addressed. This document must not be copied, reproduced, distributed or passed to others at any time without the prior written consent of Davy.

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Confidential © Davy 2025.

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